Luxury Promise Introduces Artificial Intelligence to the Secondary Luxury Market

LONDON and DUBAI, June 11, 2018 /PRNewswire/ --

Luxury Promise, the London based, premium luxury marketplace, is announcing the upcoming release of its new E-Commerce platform powered by Artificial Intelligence (AI). For the first time in the world of luxury resale, an AI system is being used to provide customers with pricing insights. Sabrina Sadiq, Co-Founder & CEO of Luxury Promise said: "We want to be the Uber of luxury by providing a fast and instant service. Our new platform elegantly blends the extensive knowledge of luxury price trends and technology to provide unrivalled service: a lady can now value a Hermes Birkin bag she bought years ago in a few seconds. If she likes the price, she can consign it, or sell it for hard cash."

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How does this work? This feature is made possible by recent scientific breakthroughs: now computer vision can beat humans, thanks to an AI technique called Deep Learning. TensorFlow (of Google) is the backbone for our AI Application, using unique graph capacities, it possesses full capability for independent R&D Porter/Back Of House Logistics.

Once only accessible by large tech groups such as Google or IBM, this technique is now brought to the field of luxury resale by a startup, Luxury Promise. "We see ourselves as a luxury and a technology company" adds Sabrina, "technology is opening new opportunities in the field of luxury that will be seized by fast movers delivering outstanding value to their customers." If this is a sign of the things to come, expect cards to be redistributed quickly in the luxury e-commerce space.

Luxury Promise has closed its seed round funding to expand into the Middle East and to further develop the AI Application. Investors include Esha and Robin Arora, owners of B&M Retail Ltd., and the Abu-Ghazaleh Family, owners of Fresh Delmonte Produce Inc. New World Capital Advisors, the London based Merchant Banking firm advised on the transaction.

Contact: Sabrina Sadiq, Sabrina@luxurypromise.com, +442037951759